What does a cooperative association do?

A cooperative association is typically formed to provide a specific service or meet a common need among its members, and in the context of real estate, it refers to an entity that can own property and facilitate services related to that property. When the correct answer states that a cooperative association buys and sells its own property but cannot be registered as a broker, it addresses the nature of such entities—they are structured to allow members to collectively own property and share in its benefits but lack the authorization to operate as licensed real estate brokers.

Unlike traditional brokerage firms, cooperative associations operate under different rules and cannot conduct the same broad range of activities, particularly those that require formal licensure in real estate transactions. This distinction is crucial in understanding the legal and operational framework governing cooperative associations in real estate. The emphasis on being unable to register as a broker indicates certain limitations in their role compared to standard real estate firms.

The other choices do not accurately describe the function or characteristics of a cooperative association within real estate or reflect the general legal framework guiding such entities.